Kotak Mahindra Bank has announced the launch of a pan India digital banking initiative with Kona Kona Cashfree. The idea is to promote cash free transactions by giving incentives, educating and making people aware of various digital payment options available. The initiative is taken to complement the vision of Digital India. The bank has already launched a range of digital banking apps such as Kaypay, an UPI based application and Kotak Bharat, first of its kind multi lingual app in India that does not require internet connectivity.

02nd Dec 16 Kotak Mahindra Bank cuts MCLR up to 30 basis points

Kotak Mahindra Bank has reduced its six months and one year marginal cost of lending rate to 9.05 and 9.20 percent from 9.20 and 9.45 percent respectively. The bank has reduced its three year lending rate by 30 basis points to 9.25 percent from 9.55 percent earlier. Revised rates are effective from 1st December, 2016.

18th Nov 16 Kotak Mahindra Bank fixed deposit rate cut to 7 percent

Kotak Mahindra Bank has reduced its one year fixed deposits rate by 25 basis points to 7 percent. Fixed deposit rates for two to three years are also reduced by 50 basis points to 6.75 percent from 7.25 percent. The revised rates will be applicable to new deposits and renewal of maturing deposits.

Kotak Mahindra Bank received approval from Reserve Bank of India to start its maiden international branch in DIFC (Dubai International Finance Centre). This will be the first international branch of Kotak in DIFC. Kotak already has international offices in London, New York, Texas, California, Dubai, Abu Dhabi, Mauritius and Singapore.

Kotak Mahindra Bank reported an increase in its net profit by 43 percent to Rs. 813 crore in the June to September quarter as compared to the net profit of Rs. 570 crore during the same corresponding period a year ago. The gross non performing assets are reduced to 2.49 percent in September as compared to 2.50 percent in June.

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